Maher v. Bank of Nova Scotia et al

Filing 144

ORDER AUTHORIZING DISTRIBUTION OF THE SETTLEMENT FUND in case 1:14-cv-01459-VEC; granting (678) Motion for Disbursement of Funds in case 1:14-md-02548-VEC. IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that: 1. This Order incorporates by ref erence the definitions and terms of the Original Settlements (ECF Nos. 174-1, 487-1) and the Third Settlement Agreement (ECF No. 607-1) (collectively, the "Settlements"), and all capitalized terms used, but not defined herein, shall have the same meanings as set forth in the Settlements. 2. The Court has jurisdiction over the subject matter of the Action, and, for purposes of enforcing and administering the Settlements, this Court has jurisdiction over the parties to the A ction, including members of the Settlement Classes. 3. Plaintiffs Motion for Distribution of the Settlement Fund is GRANTED. Accordingly, a. The administrative determinations of Plaintiffs' Co-Lead Counsel and the Court approved Claims Administrator, Kroll Settlement Administration LLC ("Kroll"), to accept eligible claims, as set forth the Declaration of Justin R. Hughes in Support of Plaintiffs' Motion for Distribution of the Settlement Fund (the "Hugh es Declaration"), are adopted; b. Kroll is directed to conduct the distribution of the Net Settlement Fund as set forth in Exhibit B to the Hughes Declaration; c. Checks that are not cashed within 90 days after issue date will b ecome void; d. Settlement Class Members are encouraged to cash their checks promptly and to avoid or reduce future expenses relating to unpaid checks. All checks shall note that checks become void, and the recovery forfeited if not cashed w ithin 60 days of issuance; e. Settlement Class Members who do not cash their checks within the time allotted will irrevocably forfeit all recovery from the Settlements absent an order of the Court; and f. A reserve of ten percent (1 0%) of the amount of the Net Settlement Fund, after deducting the amount to be distributed to Authorized Claimants receiving the Alternative Minimum Payment, may be set aside to cover future estimated expenses, including taxes and any secondar y distribution, related to the Settlements. 4. The Court hereby orders the payment of fees and expenses in the amount of $216,965.19 to Kroll for its administration of the claims process and the distribution of the Net Settlement Fund. 5. This Court retains jurisdiction to consider any further applications concerning the administration of the Settlements, and such other and further relief as the Court deems appropriate. IT IS SO ORDERED. The parties must file a status update on the distribution of settlement funds by May 17, 2024. (Signed by Judge Valerie E. Caproni on 9/18/2023) Filed In Associated Cases: 1:14-md-02548-VEC et al. (tg) Transmission to Finance Unit (Cashiers) for processing.

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
IN RE:

Case No.

COMMODITY EXCHANGE, INC., GOLD
FUTURES AND OPTIONS TRADING
LITIGATION

USDC SDNY
DOCUMENT
ELECTRONICALLY FILED
DOC #:
DATE FILED: 09/18/2023

14-MD-2548 (VEC)
14-MC-2548 (VEC)

Hon. Valerie E. Caproni

This Document Relates To All Actions

[PROPOSED] ORDER AUTHORIZING
DISTRIBUTION OF THE SETTLEMENT FUND

1

The matter having come before the Court on Plaintiffs’ motion for an Order authorizing
the distribution of the net settlement fund; and the Court having considered all papers filed and
proceedings had herein and otherwise being fully informed in the premises;
IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that:
1.

This Order incorporates by reference the definitions and terms of the Original

Settlements (ECF Nos. 174-1, 487-1) and the Third Settlement Agreement (ECF No. 607-1)
(collectively, the “Settlements”), and all capitalized terms used, but not defined herein, shall
have the same meanings as set forth in the Settlements.
2.

The Court has jurisdiction over the subject matter of the Action, and, for purposes

of enforcing and administering the Settlements, this Court has jurisdiction over the parties to the
Action, including members of the Settlement Classes.
3.

Plaintiffs’ Motion for Distribution of the Settlement Fund is GRANTED.

Accordingly,
a.

The administrative determinations of Plaintiffs’ Co-Lead Counsel and the

Court approved Claims Administrator, Kroll Settlement Administration LLC (“Kroll”), to accept
eligible claims, as set forth the Declaration of Justin R. Hughes in Support of Plaintiffs’ Motion
for Distribution of the Settlement Fund (the “Hughes Declaration”), are adopted;
b.

Kroll is directed to conduct the distribution of the Net Settlement Fund as

set forth in Exhibit B to the Hughes Declaration;
c.

Checks that are not cashed within 90 days after issue date will become

void;

2

d.

Settlement Class Members are encouraged to cash their checks promptly

and to avoid or reduce future expenses relating to unpaid checks. All checks shall note that
checks become void, and the recovery forfeited if not cashed within 60 days of issuance;
e.

Settlement Class Members who do not cash their checks within the time

allotted will irrevocably forfeit all recovery from the Settlements absent an order of the Court;
and
f.

A reserve of ten percent (10%) of the amount of the Net Settlement Fund,

after deducting the amount to be distributed to Authorized Claimants receiving the Alternative
Minimum Payment, may be set aside to cover future estimated expenses, including taxes and any
secondary distribution, related to the Settlements.
4.

The Court hereby orders the payment of fees and expenses in the amount of

$216,965.19 to Kroll for its administration of the claims process and the distribution of the Net
Settlement Fund.
5.

This Court retains jurisdiction to consider any further applications concerning the

administration of the Settlements, and such other and further relief as the Court deems
appropriate.

The parties must file a status update on the
distribution of settlement funds by May 17, 2024.

IT IS SO ORDERED.

September 18 2023
DATED: _____________,

_________________________________
HON. VALERIE E. CAPRONI
UNITED STATES DISTRICT JUDGE

3